Uploaded July 2025 | Updated September 2026, 2 weeks ago
In this episode, Demian Schatt is joined by James Check (Checkmate) from Checkonchain to unpack Bitcoin’s recent breakout and the mystery behind the 80,000 BTC that moved for the first time since 2011. They explore the possible explanations behind the Galaxy Digital transfer, what it reveals about long-dormant supply, and the broader implications for key security assumptions in Bitcoin. James breaks down what made this a “quiet all-time high,” with low spot volume, high-stakes on-chain movement, and surging options activity signaling a shift in market structure. The conversation also covers short liquidations, the rise of institutional accumulation, and why confluence across spot, derivatives, and on-chain data remains the clearest way to track Bitcoin’s evolving bull market.
🔗 Links & Sources:
• newsletter.checkonchain.com/p/a-very-quiet-all-time-high?r=4kvnpl&utm_campaign=post&utm_medium=web
📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H
📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
🔓 The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empowers you to take full control of your Bitcoin with a collaborative multisig vault, where you hold two of three keys, and benefit from a Bitcoin security partner. Purchase Bitcoin directly into your cold storage vault and eliminate exchange risks with Unchained's Trading Desk. Unchained also offers the best IRA product in the industry, allowing you to easily roll over old 401(k)s or IRAs into Bitcoin while keeping control of your keys. Don’t pay more taxes than you have to. Talk to us today.
Visit thebitcoinlayer.com/unchained and use code TBL for $100 off when you create an account.
🕊️ The Human Rights Foundation promotes freedom through Bitcoin by supporting developers, educating activists, and defending civil liberties worldwide.
Join thousands of readers who care about human rights, sound money, and financial sovereignty — subscribe for free at financialfreedomreport.org.
📡 Blockstream delivers cutting-edge Bitcoin infrastructure. Discover the top-rated Blockstream Jade hardware wallet for secure offline storage, and explore the Blockstream Satellite for a seamless offline Bitcoin node experience — all available at the Blockstream Store. Visit: store.blockstream.com/discount/TBL for 10% off entire order.
▶️ Subscribe and turn on notifications for TBL on YouTube.
📚 Subscribe to TBL’s research letter: thebitcoinlayer.com/subscribe
🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.
📱 Follow TBL on X: twitter.com/TheBitcoinLayer
📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial
🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at TheBitcoinLayer.com/merch
⛓️ ₿lock Height 905748
⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg
Nik Bhatia's Twitter: twitter.com/timevalueofbtc
Creative Director Matthew Ball's Twitter: twitter.com/matthewrball
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
❗ The Bitcoin Layer and its guests do not provide investment advice.
Chapters:
00:00:00 80,000 Bitcoin Movement Analysis
00:03:24 Analyzing Bitcoin's Market Resilience and Demand
00:07:03 Understanding a Quiet All-Time High in Bitcoin
00:10:18 The Role of Volume in Confirming Big Moves
00:13:39 Historical Data and Market Analysis
00:16:52 Understanding Herd Behavior in Financial Markets
00:20:10 Understanding MVRV and Market Thresholds
00:23:42 Impact of ETF Rallies on Bitcoin Prices
00:27:03 Bitcoin Market Analysis and Forecast
In this episode, Demian Schatt is joined by James Check (Checkmate) from Checkonchain to unpack Bitcoin’s recent breakout and the mystery behind the 80,000 BTC that moved for the first time since 2011. They explore the possible explanations behind the Galaxy Digital transfer, what it reveals about long-dormant supply, and the broader implications for key security assumptions in Bitcoin. James breaks down what made this a “quiet all-time high,” with low spot volume, high-stakes on-chain movement, and surging options activity signaling a shift in market structure. The conversation also covers short liquidations, the rise of institutional accumulation, and why confluence across spot, derivatives, and on-chain data remains the clearest way to track Bitcoin’s evolving bull market.
🔗 Links & Sources:
• newsletter.checkonchain.com/p/a-very-quiet-all-time-high?r=4kvnpl&utm_campaign=post&utm_medium=web
📚 Bitcoin Age is here, order yours today: https://a.co/d/5gau08H
📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm.
🔓 The Bitcoin Layer is proud to be sponsored by Unchained, the leader in Bitcoin financial services. Unchained empowers you to take full control of your Bitcoin with a collaborative multisig vault, where you hold two of three keys, and benefit from a Bitcoin security partner. Purchase Bitcoin directly into your cold storage vault and eliminate exchange risks with Unchained's Trading Desk. Unchained also offers the best IRA product in the industry, allowing you to easily roll over old 401(k)s or IRAs into Bitcoin while keeping control of your keys. Don’t pay more taxes than you have to. Talk to us today.
Visit thebitcoinlayer.com/unchained and use code TBL for $100 off when you create an account.
🕊️ The Human Rights Foundation promotes freedom through Bitcoin by supporting developers, educating activists, and defending civil liberties worldwide.
Join thousands of readers who care about human rights, sound money, and financial sovereignty — subscribe for free at financialfreedomreport.org.
📡 Blockstream delivers cutting-edge Bitcoin infrastructure. Discover the top-rated Blockstream Jade hardware wallet for secure offline storage, and explore the Blockstream Satellite for a seamless offline Bitcoin node experience — all available at the Blockstream Store. Visit: store.blockstream.com/discount/TBL for 10% off entire order.
▶️ Subscribe and turn on notifications for TBL on YouTube.
📚 Subscribe to TBL’s research letter: thebitcoinlayer.com/subscribe
🎧 Subscribe to The Bitcoin Layer on your favorite podcast platform.
📱 Follow TBL on X: twitter.com/TheBitcoinLayer
📩 Join the official TBL channel on Telegram: https://t.me/thebitcoinlayerofficial
🧢 Use code TBLYT10 for 10% off all The Bitcoin Layer Merch at TheBitcoinLayer.com/merch
⛓️ ₿lock Height 905748
⚡ Contribute to The Bitcoin Layer via Lightning Network: thebitcoinlayer@zbd.gg
Nik Bhatia's Twitter: twitter.com/timevalueofbtc
Creative Director Matthew Ball's Twitter: twitter.com/matthewrball
Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB
❗ The Bitcoin Layer and its guests do not provide investment advice.
Chapters:
00:00:00 80,000 Bitcoin Movement Analysis
00:03:24 Analyzing Bitcoin's Market Resilience and Demand
00:07:03 Understanding a Quiet All-Time High in Bitcoin
00:10:18 The Role of Volume in Confirming Big Moves
00:13:39 Historical Data and Market Analysis
00:16:52 Understanding Herd Behavior in Financial Markets
00:20:10 Understanding MVRV and Market Thresholds
00:23:42 Impact of ETF Rallies on Bitcoin Prices
00:27:03 Bitcoin Market Analysis and Forecast
